MIDAS attracts fewer projects

INWARD investment agency MIDAS said that it had exceeded investment targets set for it by supporting the creation of over 3,000 jobs in 2011-12.

MIDAS, which is largely funded by Greater Manchester’s 10 local authorities and is part of the Manchester “family” of business support organisations, said it helped to create 3,114 jobs and safeguard 460 jobs.

This compares with 3,182 jobs it created and 1,521 safeguarded in 2010/11.

The organisation worked on 70 (2010/11: 77) projects to relocate firms to the area, of which 36 (34) were foreign direct investment projects from businesses in North America, Asia-Pacific, Europe and the Middle East.

Midas chief executive Tim Newns said: “These results show Greater Manchester in a very strong light, against a year with an economic backdrop heavily affected by the eurozone crisis and wavering investor confidence globally.

“Growth markets such as India and China have come to the fore with highlights including Indian firm Aegis’ creation of 600 jobs and Chinese company ePro’s investment in Trafford.

“Looking ahead, it is important that we continue to enhance Manchester’s reputation as a Science City in international markets, exploiting not just the potential of leading research areas such as graphene, but the wider research and development opportunities in sectors such as biomedical sciences, advanced manufacturing, energy and environment and digital and ICT.”

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